Home Insights & Advice Five skills for running a business

Five skills for running a business

by John Saunders
15th Sep 21 1:19 pm

The last eighteen months have been a tough time for businesses.

And with a long road to recovery waiting ahead, many would-be entrepreneurs are taking a step back from their ambitions rather than choosing to jump in at what is an undeniably risky moment.

And there’s nothing wrong with being cautious. They do say that good things come to those who wait, but there’s something to be said for showing daring in the face of adversity.

If you’re considering starting a business right now and don’t want to wait, you’ll need a set of strong skills and a driven determination to make it work. With that in mind, there are just five skills that are absolutely essential when it comes to commercial success.

1. Communication

This is by far one of the most important core skills of any business individual, as well as an essential life skill.

In business, you rely on communication every day, whether it’s getting the best services from your suppliers, making a good impression with your clients or making the most of your teams.

Remember, communication is not just in what we say – it’s in our tone of voice, our eye contact and our body language.  Great communicators can inspire incredible things, but it’s a skill that takes some honing and requires adaptability over.

2. Financial management

As an individual, managing your money is a skill that doesn’t come easily.

And it’s even harder when it comes to business – if your budget doesn’t balance with your ambition, you’ll find yourself making sacrifices in those early stages.

But in business, it’s important to be realistic and work within your means at any given time, tackling the challenges of the present whilst planning for the future.

3. Knowledge

This may seem obvious, but it’s a major resource that many individuals and companies are lacking in the business world.

But to set your business up for success, you should have a broad understanding of the way in which industries and organisations work in order to manage effectively and make the most of opportunities that come your way.

Much of this knowledge can be gained through experience, but there’s nothing wrong with a head start, such as an MBA with Anglia Ruskin University. They even offer the course as a distance learning degree, so you can fit your studies into your schedule as you launch your ambitions.

4. Delegation

When it comes to managing teams, you need to understand everyone’s skillsets to delegate appropriately according to talent, ability and experience whilst giving people the right opportunities to be challenged and grow.

Delegation is also important in terms of management your own workload – knowing when to take on tasks yourself, and when to step back and delegate them elsewhere is a must, as it gives you the chance to take a much-needed break and build trust within your team.

5. Leadership

No human being is an island.

And even those ‘self-made men’ whose tales we see touted as glittering success stories wouldn’t be where they are today without the support, hard work and insight of those around them.

Being able to mobilise others into action to achieve incredible things is a remarkable talent. And in reality, leadership is not simply a singular skill, but a term which encompasses many – empathy, intelligence and communication to name just a few.

These are just five essential skills every aspiring entrepreneur should have. Whether you’re new to the world of business, or an old dog looking to learn some new tricks, these are just five fantastic opportunities for improvement.

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